Prospectus UBI Banca Covered Bond Programme

Prospectus
• the right to request subrogation by an assignee bank into the rights of their creditors (surrogazione per
volontà del debitore), by eliminating the limits and costs previously borne by the borrowers for the
exercise of such right. If the subrogation has not been executed within 30 days from the date of the
assigne bank's request of the interbank collaboration procedures, the original bank shall indemnify the
mortgage debtor an amount equal to 1 per cent. of the mortgage value for each month or part of a month
of delay. In the event the delay is due to circumstances ascribed to the assignee bank, the original bank
shall be entitled to recover from the assignee bank an amount equal to the indemnity paid to the
mortgage debtor;
• the right of first home-owners (mutui prima casa) to suspend instalment payments under mortgage loans
on a maximum of two occasions and for a maximum aggregate period of 18 months.
• the right to benefit from the provision according to which the amount of the instalments payable during
2009 by a mortgage debtor and granted prior to 31 October 2008 for the purchase, construction or
renovation of their primary residence (mutui prima casa) is calculated by reference to the higher of 4 per
cent. (without spread, expenses or any other form of margin) and the interest rate contractually agreed
and applicable as of date of execution of the relevant mortgage loan agreement;
• any potential difference between the amount of the instalments calculated by reference to the higher of 4
per cent. (without spread, expenses or any other form of margin) and the interest rate contractually
agreed and applicable as of the date of execution of the relevant mortgage loan agreement will be borne
by the Italian State; and
• certain rights to renegotiate floating rate mortgage loans;
This legislation may have an adverse effect on the Cover Pool and, in particular, on any cash flow projections
concerning the Cover Pool as well as on the over-collateralisation required in order to maintain the then current
ratings of the Covered Bonds. However, as this legislation is relatively new, as at the date of this Prospectus, the
Issuer is not in a position to predict its impact. For further information, see "Description of Certain Relevant
Legislation in Italy – Certain Aspects of Italian Law relevant to Mortgage Loans".
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